Enbridge Stock Near $79 After $30 Rally Tests 2026 Buy Case
Enbridge stock trades near $79 a share after rising about $30 over the past 24 months, forcing a fresh buy, sell, or hold debate for 2026. The move has turned the focus from recovery to valuation, especially for dividend investors deciding whether the rally has already done most of the work.
Enbridge's $79 Rally
$79 per share is the level investors are now using as the starting point for the debate. The stock’s climb of about $30 in 24 months has been driven by a rebound in 2024 and 2025, after interest rate hikes in 2022 and 2023 created pressure for Enbridge and other utility and pipeline companies.
31 straight years of dividend increases keep Enbridge in a different category from a typical energy trade. The stock still offers a dividend yield near 5%, which means the valuation question is not just about upside; it is about whether the payout and price still leave room for new money after such a long run.
US$40 Billion Pipeline
US$40 billion in secured capital projects gives the company a sizeable base of visible spending and future cash generation. Enbridge’s distributable cash flow is expected to increase at an annual clip of about 5% over the medium term, which supports the case that the business can keep funding its dividend while it works through its project backlog.
US$14 billion went into the purchase of three natural gas utilities in the United States in 2024, after US$3 billion was spent in 2021 to buy the largest oil export terminal in the United States. Those deals show a company that has shifted capital toward assets tied to energy transport and utility-style cash flow rather than only waiting on new pipeline approvals.
Walker's 2026 Debate
Andrew Walker, who wrote that Enbridge has been on a roll for more than two years, frames the stock as a 2026 investment debate rather than a pure momentum story. That view matters because the company historically grew by building large new oil and natural gas pipelines in Canada and the United States, then pivoted toward emerging opportunities after public and government opposition to new major energy projects slowed that model.
5% expected distributable cash flow growth and a near 5% yield leave investors with a clear trade-off: cash now versus how much of the future is already in the price. If rate cuts from the Bank of Canada and the U.S. Federal Reserve helped drive the rebound in 2024 and 2025, a fresh rate rise later this year or in 2027 would pressure the same valuation that lifted the shares in the first place.
For TFSA and RRSP investors, the practical question is simple: a stock near $79 can still fit a dividend portfolio, but the margin for a second big rerating looks thinner after a $30 climb in two years.
